Tax sops for sports sponsorship likely

TNNSep 4, 2003, 01.57am IST

NEW DELHI: The government is mulling tax exemptions for investments and sponsorships related to sport in the country for the corporate sector. This was disclosed by R K Mishra, joint secretary in the ministry of youth affairs and sports at an industry gathering organised by CII today.

He said for broadbasing of sports and to achieve better results, support from all stakeholders is a must — be it the sports personalities, youths or the corporate sector.

"The youth of the country will have to see sports as a viable career option and only then there will be a mass movement. The corporates should create awareness in this regard," he said, adding that the state governments will provide lands on easy terms to the corporate sector, if the proposals are found to be viable.

"Sports pays and cricket is a pointer to this effect and I urge the Indian industry to sponsor other disciplines as well as sports in India has huge potential," he said. Citing the achievements of Anju Bobby George at the World Athletics Meet, he said that it is a time to celebrate.

"The upswing in Indian sports began in 2002 at the Manchester Commonwealth Games, and the tempo was maintained at the Busan Asian Games, where we came second. Since then a number of encouraging results have come our way in football, hockey and volleyball, giving a new dimension to Indian sports," said Mr Mishra.